U.S. Egg Cost of Production and Prices ember 4, 2016 Compiled by Maro Ibarburu Sponsored in part by: The Egg Industry Center Market Reports & Industry Analysis are compiled in the memory of their creator, Don D. Bell, Poultry Extension Specialist Emeritus - UC Davis.
REPORT NOTE: This report estimates the average layer feed price and cost of production in six different U.S. regions as outlined on the following map. It also reports the EIC projected prices of eggs. This report uses the corn and soybean meal prices reported by Feedstuffs weekly newspaper. Monthly corn and soybean prices for each city are estimated as the simple average of the weekly prices for each month. Monthly corn and soybean prices for each region are estimated as the simple average of prices for the cities in each region. The Northeast region price is the simple average of the prices for Buffalo and Boston The Southeast region price is the simple average of the prices for Atlanta and Fayetteville (NC) The Midwest region price is the simple average of the prices for Chicago and Minneapolis The South Central region price is the simple average of the prices for Ft. Worth, Kansas City and Memphis The California and Northwest region prices are the simple average of the prices for Los Angeles, San Francisco and Portland The U.S. price is the simple average of the prices for all the regions listed above (except California) The average feed price is based on a diet consisting of 67% corn, 22% soybean meal, 8% limestone and 3% other ingredients. The cost of production was adjusted from last year based on producer surveys. There is not enough information to separate costs by region other than using the differences in the feed ingredient prices. Pullet cost are adjusted by region based on the average feed price for the month, assuming all the other costs are similar between regio Feed conversion is variable depending on the month. The labor, building and equipment, interest and miscellaneous costs are assumed to be 17.15 (cents/dozen) for all regions (except California) and months. Map of U.S. Regions and the location of corn and soybean meal price information used in this report Note: The red dots with blue x's ( ) mark the cities associated with monthly corn and SBM prices. Page 1 of 11, Front Page
Highlights and comparison with previous month and previous year. Prices and Percent Changes Difference with respect to October last year (2016 vs. 2015). Corn Price ($/ton) SBM Price ($/ton) Feed Cost ($/ton) Cost of Prod (cents/doz.) Egg Price (cents/doz.) -14.90-9.3% -33.26-9.3% -17.30-8.1% -3.09-5.0% -94.35-76.3% In October, corn prices were $14.90/ton (9.3%) lower than in the previous year. Soybean Meal prices were $33.26/ton lower than October last year. These changes in prices resulted in a $17.30/ton (8.1%) lower cost of feed and 3.09 cents/doz. (5.0%) lower cost of production than October last year. The October 2016 egg price paid to producers was 94.35 cents/doz. (76.3%) lower than in October 2015. Difference with respect to the previous month this year ( October 2016 vs. September 2016). Corn Price ($/ton) SBM Price ($/ton) Feed Cost ($/ton) Cost of Prod (cents/doz.) Egg Price (cents/doz.) +2.35 +1.6% -19.08-5.6% -2.62-1.3% -0.47-0.8% -9.00-23.5% The October corn price was $2.35/ton (1.6%) higher than the previous month. Soybean Meal prices were $19.080/ton (5.6%) lower. These changes in prices resulted in a $2.62/ton (1.3%) lower cost of feed and 0.47 cents/doz. (0.8%) lower cost of production than last month. The October 2016 egg price paid to producers was 9.00 cents/doz. (23.5%) lower than the previous month. Page 2 of 11, Summary
CORN PRICE BY REGION ($/ton) - 2016 _ TABLE 1 Month Southeast Northeast Midwest South Central Northwest 5-Region avg. Jan 190.27 144.41 126.65 139.74 174.52 155.12 Feb 191.70 148.46 125.13 141.07 176.61 156.59 Mar 191.07 145.36 123.17 140.17 175.27 155.01 Apr 188.57 146.77 125.67 144.79 175.74 156.31 May 198.21 154.49 133.18 149.27 183.10 163.65 Jun 204.11 159.05 136.07 151.54 191.60 168.47 Jul 184.20 139.80 130.31 135.20 167.99 151.50 Aug 176.79 137.14 117.86 122.58 165.42 143.96 Sep 179.29 138.58 111.61 120.32 167.09 143.38 Oct 180.71 139.73 113.79 122.97 171.42 145.73 10 Month Avg. 188.49 145.38 124.34 136.77 174.87 153.97 Region/US avg. 1.22 0.94 0.81 0.89 1.14 (1.00) Source: Feedstuffs magazine SOYBEAN MEAL PRICE BY REGION ($/ton) - 2016 _ TABLE 2 Month Southeast Northeast Midwest South Central Northwest 5-Region avg. Jan 374.00 319.13 270.34 281.06 320.67 313.04 Feb 372.75 307.25 265.60 279.06 317.65 308.46 Mar 375.50 311.13 270.56 281.40 319.13 311.54 Apr 405.75 336.63 288.09 307.90 336.50 334.97 May 475.40 416.40 362.44 375.26 414.47 408.79 Jun 483.35 441.75 395.75 408.06 440.75 433.93 Jul 426.75 384.13 360.96 381.73 405.22 391.76 Aug 398.75 370.63 331.80 337.48 375.69 362.87 Sep 334.00 356.38 327.31 325.83 367.84 342.27 Oct 334.00 340.13 308.38 288.45 345.02 323.19 10 Month Avg. 398.03 358.35 318.12 326.62 364.29 353.08 Region/US avg. 1.13 1.01 0.90 0.93 1.03 (1.00) Source: Feedstuffs magazine Notes: Northeast prices are estimated as the simple average of Buffalo and Boston Southeast prices are estimated as the simple average of Atlanta and Fayetteville South Central prices are estimated as the simple average of Ft. Worth, Kansas City and Memphis Midwest prices are estimated as the simple average of Chicago and Minneapolis Northwest and California prices are estimated as the simple average of Los Angeles, San Francisco and Portland Note: "5-Region avg" is the simple average of the NE, SE, SC, MW, and NW regions. Page 3 of 11, Costs
ESTIMATED LAYER FEED COST BY REGION ($/ton) - 2016 _ TABLE 3 Month Southeast Northeast Midwest South Central Northwest 5-Region avg. Jan 237.86 195.06 172.43 183.56 215.57 200.90 Feb 238.54 195.17 170.37 184.01 216.31 200.88 Mar 238.73 193.94 170.15 183.92 215.74 200.50 Apr 243.71 200.49 175.68 192.84 219.88 206.52 May 265.49 223.22 197.07 210.67 241.96 227.68 Jun 271.19 231.85 206.33 219.41 253.43 236.44 Jul 245.40 206.28 194.82 202.67 229.80 215.79 Aug 234.27 201.52 180.06 184.48 221.58 204.38 Sep 221.70 199.35 174.89 180.40 220.97 199.46 Oct 222.66 196.55 172.18 173.95 218.86 196.84 10 Month Avg. 241.95 204.34 181.40 191.59 225.41 208.94 Region/US avg. 1.16 0.98 0.87 0.92 1.08 (1.00) Source: Egg Industry Center. Estimated based on corn and soybean meal prices reported by Feedstuffs magazine and all other costs total $28.1/ton. Assumptions: Diet Composition Transport Corn SBM Calcium* Other ingredients* and Milling Percent 67% 22% 8% 3% Costs* $/Ton variable variable 4.6 12.6 10.9 * These are standardized costs ESTIMATED 19-WEEK PULLET COSTS BY REGION ($/bird) - 2016 _ TABLE 4 Month Southeast Northeast Midwest South Central Northwest 5-Region avg. Jan 3.96 3.64 3.47 3.56 3.79 3.68 Feb 3.96 3.64 3.46 3.56 3.80 3.68 Mar 3.97 3.63 3.46 3.56 3.79 3.68 Apr 4.00 3.68 3.50 3.62 3.83 3.73 May 4.16 3.85 3.66 3.76 3.99 3.88 Jun 4.21 3.91 3.72 3.82 4.07 3.95 Jul 4.01 3.72 3.64 3.70 3.90 3.79 Aug 3.93 3.69 3.53 3.56 3.84 3.71 Sep 3.84 3.67 3.49 3.53 3.83 3.67 Oct 3.85 3.65 3.47 3.48 3.82 3.65 10 Month Avg. 3.99 3.71 3.54 3.61 3.87 3.74 Region/US avg. 1.07 0.99 0.95 0.97 1.03 (1.00) Source: Egg Industry Center Assumes: 13.9 pounds of feed consumed per pullet at variable prices to grow a pullet to 19 weeks of age (for all regions), pullet feed cost 7% more expensive than layers cost (because of higher nutrient requirements); chick cost = 79 cents/baby chick, moving cost = 16 cents/pullet, and other costs = 124 cents/pullet (for all regions) Note: "5-Region avg" is the simple average of the NE, SE, SC, MW, and NW regions. Page 4 of 11, Costs
ESTIMATED PULLET COST BY REGION under 1-cycle systems (Cents/doz.) - 2016 _ TABLE 5 Month Southeast Northeast Midwest South Central Northwest 5-Region avg. Jan 11.47 10.55 10.06 10.30 10.99 10.68 Feb 11.49 10.55 10.02 10.31 11.01 10.68 Mar 11.49 10.53 10.02 10.31 11.00 10.67 Apr 11.60 10.67 10.13 10.50 11.09 10.80 May 12.07 11.16 10.60 10.89 11.56 11.26 Jun 12.19 11.35 10.80 11.08 11.81 11.44 Jul 11.64 10.79 10.55 10.72 11.30 11.00 Aug 11.40 10.69 10.23 10.32 11.12 10.75 Sep 11.13 10.64 10.12 10.24 11.11 10.65 Oct 11.15 10.58 10.06 10.10 11.07 10.59 10 Month Avg. 11.56 10.75 10.26 10.48 11.21 10.85 Region/US avg. 1.07 0.99 0.95 0.97 1.03 (1.00) Source: Egg Industry Center Assumes 34.5 dozen eggs per pullet placed under 1-cycle systems ESTIMATED FEED COST BY REGION under 1-cycle systems (Cents/doz.) - 2016 _ TABLE 6 Month Southeast Northeast Midwest South Central Northwest 5-Region avg. Jan 37.34 30.62 27.07 28.82 33.85 31.54 Feb 37.45 30.64 26.75 28.89 33.96 31.54 Mar 37.48 30.45 26.71 28.88 33.87 31.48 Apr 38.26 31.48 27.58 30.28 34.52 32.42 May 41.68 35.05 30.94 33.08 37.99 35.75 Jun 42.58 36.40 32.39 34.45 39.79 37.12 Jul 38.53 32.39 30.59 31.82 36.08 33.88 Aug 36.78 31.64 28.27 28.96 34.79 32.09 Sep 34.81 31.30 27.46 28.32 34.69 31.32 Oct 34.96 30.86 27.03 27.31 34.36 30.90 10 Month Avg. 37.99 32.08 28.48 30.08 35.39 32.80 Region/US avg. 1.16 0.98 0.87 0.92 1.08 (1.00) Estimated based on feed costs ($/ton) shown in table 3, assuming 3.14 lbs of feed/dozen eggs $ / 100 lbs. 20 18 16 14 12 10 8 6 4 2 0 Figure 1: Monthly U.S. Cost of Layer Feed (2005-2016) Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 2005-2015 2016 12 month run avg. Note: "5-Region avg" is the simple average of the NE, SE, SC, MW, and NW regions. Page 5 of 11, Costs
ESTIMATED TOTAL COSTS BY REGION under 1-cycle systems (cents/doz.) - 2016 * _ Simple TABLE Average 7 Month Southeast Northeast Midwest South Central Northwest California of 5 Regions Jan 65.97 58.33 54.29 56.27 61.99 74.53 59.37 Feb 66.09 58.35 53.92 56.35 62.12 74.66 59.37 Mar 66.12 58.13 53.88 56.34 62.02 74.56 59.30 Apr 67.01 59.30 54.87 57.93 62.76 75.30 60.37 May 70.90 63.35 58.69 61.11 66.70 79.24 64.15 Jun 71.92 64.90 60.34 62.67 68.75 81.29 65.72 Jul 67.31 60.33 58.28 59.69 64.53 77.07 62.03 Aug 65.33 59.48 55.65 56.44 63.06 75.60 59.99 Sep 63.08 59.09 54.72 55.71 62.95 75.50 59.11 Oct 63.25 58.59 54.24 54.56 62.58 75.12 58.64 10 Month Avg. 66.70 59.98 55.89 57.71 63.75 76.29 60.80 Region/US avg. 1.10 0.99 0.92 0.95 1.05 1.25 (1.00) Source: Egg Industry Center. * These estimations are based on feed costs (cents/dozen) shown in table 6, pullet costs (cents/dozen) shown in table 5. Building and equipment, labor, interest and miscellaneous costs are assumed to be 17.15 cents/dozen (except for CA, please see below) Some assumptions were made in the absence of enough information of cost of production under the new California regulations. These assumptions that are a clear simplification of the changes in different costs are: 1) the feed efficiency and pullet cost are similar between California and the rest of the country 2) the "building and equipment, labor, interest and miscellaneous" costs are assumed to increase proportionally to the space per layer increase or 73% higher (116 in 2 /67 in 2 ) than on the other regions which put them at at 29.69 cents/dozen (17.15 * 116/67) These estimations are based on standard costs for conventionally produced eggs. Higher labor costs might exist in certain regions. Newer, more efficient farms, would probably use less labor but have higher equipment costs. 80 70 Figure 2: Cost of Production by Month Cents/dozen 60 50 40 30 20 10 0 2014 2015 2016 Note: "5-Region avg" is the simple average of the NE, SE, SC, MW, and NE regions. California is not considered for the average because of the different production requirements. Page 6 of 11, Costs
U.S. ESTIMATED FARM EGG PRICE AND RETAIL EGG PRICE (cents/doz) Costs and Prices Report - mailed ember 2016 _ TABLE 8 Farm Price for All White Egg Sizes (cents/doz) Retail Price for Large White Eggs (cents/doz) month 2014 2015 2016 Change 2014 2015 2016 Change Jan 91.2 88.2 91.7 3.5 200.8 211.3 232.8 21.5 Feb 111.3 106.0 92.8-13.3 199.8 208.8 226.7 17.9 Mar 110.9 124.1 66.9-57.1 206.1 213.3 208.1-5.2 Apr 111.0 80.4 41.8-38.6 211.9 206.5 179.3-27.2 May 92.6 128.4 30.6-97.8 199.6 196.2 168.4-27.8 Jun 85.9 172.1 31.8-140.3 194.8 257.0 149.1-107.9 Jul 95.2 175.2 39.9-135.3 195.0 257.0 154.6-102.4 Aug 85.0 204.5 39.8-164.7 197.9 294.3 145.5-148.8 Sep 84.8 169.5 38.3-131.2 197.0 296.6 147.1-149.5 Oct 91.0 123.6 29.3-94.3 195.1 280.8 124.0 162.5 203.2 266.4 146.7 106.1 221.0 275.1 Avg. 95.9 137.2 50.3-86.9 200.3 237.9 179.1-58.8 12 Month Avg. 102.5 136.7 201.9 246.9 Source: Estimated using Urner Barry's price quotations by regions Source: Bureau of Labor Statistics (Dept. of Commerce) For this report, the price paid to producers for each size eggs is estimated by subtracting an adjustment factor from Urner Barry quotations of prices by region. The adjustment factor we are using varies around 42 cents/dozen and it is estimated by comparing the historical relationship between the Urner Barry prices with the Trailer Load prices reported by USDA. The Undergrades eggs price is estimated as the price of Checks eggs as reported by USDA Marketnews minus 25 cents (up to a minimum of 8 cents) adjusted by the differences in prices between regions. The average price of all eggs is estimated based on the proportions of Jumbo, Extralarge, Large, Medium, Small and Undergrades eggs. Based on the Breeders Performance Manuals up to 90 weeks of age. Adjustment figures between Urner Barry quotes and producer prices are subject to change monthly and between regions and companies. 300 Figure 3: EsAmated U.S. Average Farm Egg Prices by Month (Cents/dozen) 300 Figure 4: U.S. Consumer Retail Large Egg Prices by Month (Cents/dozen) 250 250 200 200 150 150 100 100 50 50 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct avg 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct avg 2014 2015 2016 2014 2015 2016 Page 7 of 11, Prices
_ TABLE 9 ESTIMATED TOTAL COSTS comparing Breeders Manuals values vs. some loss in production efficiency (Cents/doz.) - 2016 month TOTAL Cost (cents/dozen) Manuals 5% higher feed conv. 5% higher pullet feed lower eggs/ hen housed A and B A and C B and C A, B, and C A B C Jan 59.37 60.95 59.59 59.93 61.16 61.51 60.16 61.74 Feb 59.37 60.94 59.58 59.93 61.16 61.50 60.16 61.73 Mar 59.30 60.87 59.51 59.86 61.09 61.43 60.09 61.66 Apr 60.37 61.99 60.60 60.94 62.22 62.56 61.18 62.80 May 64.15 65.94 64.40 64.74 66.18 66.53 65.00 66.79 Jun 65.72 67.57 65.97 66.32 67.83 68.17 66.59 68.44 Jul 62.03 63.72 62.26 62.61 63.96 64.30 62.85 64.55 Aug 59.99 61.60 60.21 60.56 61.82 62.16 60.79 62.39 Sep 59.11 60.68 59.33 59.67 60.89 61.24 59.90 61.47 Oct 58.64 58.64 58.86 59.20 58.86 59.20 59.43 59.43 10 Month Avg. 60.80 62.29 61.03 61.38 62.52 62.86 61.61 63.10 Source: Egg Industry Center, based on Feedstuffs magazine published prices of corn and soybean meal "Manuals" is estimated using the weighted average of Breeders Manuals (70% Hyline w-36, 15% Shaver White, 8% Lohmann LSL-Lite and 5% Bovans White) for 20 to 90 weeks of age. "5% higher feed conv." is the estimated cost if the feed conversion were 5% higher than the breeders manuals value (using 3.30 lbs./dozen instead of 3.14 lbs./dozen) "5% higher pullet feed." is the estimated cost if the feed used to grow pullets were 5% higher than the breeders manuals value (using 14.6 lbs./pullet instead of 13.9 lbs./pullet) "lower eggs/ hen housed" is the estimated cost if the number of eggs per hen-housed were 5% lower than the breeders manuals value (using 394 eggs/hen-housed instead of 414 eggs/hen-house) Note: "5-Region avg" is the simple average of the NE, SE, SC, MW, and NE regions. California is not considered for the average because of the different production requirements. 200 180 160 140 Figure 5: EsAmated Cost of ProducAon and Producer Non- Processed Egg Price in U.S. (Quarterly 2000-2015) Cents / dozen 120 100 80 60 40 20 0 Jan- 00 Jan- 01 Jan- 02 Jan- 03 Jan- 04 Jan- 05 Jan- 06 Jan- 07 Jan- 08 Jan- 09 Jan- 10 Jan- 11 Jan- 12 Jan- 13 Jan- 14 Jan- 15 Jan- 16 Jan- 17 Cost Price Page 8 of 11, Prices
WAREHOUSE AND DELIVERED TO STORE PRICES FOR THE MIDWEST (cents/dozen) _ TABLE 10 Warehouse Large White Eggs Prices (cents/dozen) Delivered Store Door month 2013 2014 2015 2016 2013 2014 2015 2016 Jan 112.93 113.07 111.15 106.71 118.43 118.57 116.65 112.21 Feb 112.82 135.97 133.50 131.80 118.32 141.47 139.00 137.30 Mar 113.15 133.75 149.18 93.11 118.65 139.25 154.68 98.61 Apr 97.86 146.77 115.36 62.93 103.36 152.27 120.86 68.43 May 105.45 116.21 136.20 56.25 110.95 121.71 141.70 61.75 Jun 89.75 115.83 223.82 46.18 95.25 121.29 229.32 51.68 Jul 104.73 122.18 206.55 69.08 110.23 127.68 212.05 74.58 Aug 106.82 116.02 260.40 57.24 112.32 121.52 265.90 62.74 Sep 106.50 111.93 217.02 64.74 112.00 117.43 222.52 70.24 Oct 106.50 117.09 161.65 44.05 112.00 122.59 167.15 49.55 134.29 141.32 192.55 139.79 146.82 198.05 150.21 188.72 157.14 155.71 194.22 162.64 10 Month Avg. 105.65 122.88 171.48 73.21 111.15 128.38 176.98 78.71 Year average 111.75 129.91 172.04 117.25 135.40 177.54 Source: USDA AMS Poultry Market News and Analysis 300 Figure 6: Quarterly Retail Price and Delivered to Store Door Price for a Dozen Large White Eggs (cts/doz) (2000-2015) 250 Cents / dozen 200 150 100 50 0 Jan- 00 Jan- 02 Jan- 04 Jan- 06 Jan- 08 Jan- 10 Jan- 12 Jan- 14 Jan- 16 Retail Delivered Difference Linear (Retail) Linear (Delivered) Linear (Difference) Sources: U.S. Bureau of Labor StaAsAcs for Retail Prices; and Urner Barry for Midwest Delivered to Store Door Price Note: the delivered to store door price is estimated from the Urner Barry quoted prices as the 5- region simple average (Northeast, Southeast, South Central, Midwest, and Northwest). California is not considered for the average because of the different production requirements. Page 9 of 11, Prices
SPECIAL NOTE ABOUT PRICE PROJECTIONS As everyone is aware, the avian influenza outbreak has affected the total supply of eggs in the U.S. As a result, the egg market is experiencing great volatility making it near impossible to make projections. The Egg Industry Center model for price projections is not designed to make projections under these extreme conditions. Therefore we decided to suspend the price projections until the model can provide a reasonable representation of the market expectations. Page 10 of 11, Projected prices
TABLE 11: U.S. CORN AND SOYBEAN PLANTINGS, HARVEST, AND UTILIZATION (2012 to 2016) _ Corn Production Soybeans Production Year Planted Harvest Harvested Planted Harvest Harvested (Million acres) (Million bushels) (Million acres) (Million bushels) 2012/13 97.3 87.4 10,755 77.2 76.1 3,042 2013/14 95.4 87.5 13,829 76.8 76.3 3,358 2014/15 90.6 83.1 14,216 83.3 82.6 3,927 2015/16 88.0 80.7 13,601 82.7 81.7 3,929 Projections October, 2016 Projections October, 2016 2016/17 94.5 * 86.8 * 15,057 83.7 * 83.0 * 4,269 Utilization of Soybean for Various Purposes (Million bushels) Year Begin. Stocks Production Imports Total Supply Crush Seed Feed & residual % Crush of total Exports Net Use Ending Stocks 2012/13 169 3,042 41 3,252 1,689 89 51.9 1,317 3,111 141 2013/14 141 3,358 72 3,570 1,734 97 48.6 1,638 3,478 92 2014/15 92 3,927 33 4,052 1,873 96 43.9 1,842 3,862 191 2015/16 191 3,926 24 4,140 1,886 97 45.1 1,936 3,943 197 2016/17+ 197 4,269 30 4,496 1,950 95 43.4 2,025 4,101 395 Utilization of Corn for Various Purposes (Million bushels) Year Begin. Stocks Production Imports Total Supply Feed (Fuel) * Food & Industrial Exports Net Use Ending Stocks 2012/13 989 10,755 160 11,904 4,315 4,641 6,038 730 11,083 821 2013/14 821 13,829 36 14,686 5,040 5,124 6,493 1,920 13,454 1,232 2014/15 1,232 14,216 32 15,479 5,314 5,200 6,567 1,867 13,748 1,731 2015/16 1,731 13,601 67 15,400 5,192 5,206 6,573 1,898 13,662 1,738 2016/17+ 1,738 15,057 50 16,845 5,650 5,275 6,650 2,225 14,525 2,320 + (forecast October, 2016) * Fuel is included in the "Food and Industrial" category Feed Fuel Food & Industrial * Exports Ending Stocks 2012/13 36.2% 39.0% 11.7% 6.1% 6.9% 2013/14 34.3% 34.9% 9.3% 13.1% 8.4% 2014/15 34.3% 33.6% 8.8% 12.1% 11.2% 2015/16 33.7% 33.8% 8.9% 12.3% 11.3% 2016/17+ 33.5% 31.3% 8.2% 13.2% 13.8% * excluding the use for fuel Sources Acknowledgements (double click on the links below and you can go directly to the source): Feedstuffs weekly newspaper http://www.feedstuffs.com USDA ERS Feed Outlook http://usda.mannlib.cornell.edu/mannusda/viewdocumentinfo.do?documentid=1273 USDA ERS Oil Crops Outlook http://usda.mannlib.cornell.edu/mannusda/viewdocumentinfo.do?documentid=1288 Urner Barry http://www.ubcomtell.com/ Bureau of Labor Statistics http://data.bls.gov/cgi-bin/srgate Maro Ibarburu, EIC Business Analyst Don - Iowa State University, Ames, IA Thank you for all your contributions to this industry. Phone (515) 294-8132 You will be forever missed. E-mail: maro@iastate.edu Your friends at EIC Page 11 of 11, Stocks